• 자원ㆍ환경경제연구
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• 제11권2호
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• pp.211-231
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• 2002

This paper summarizes the results of a study that assess how a demand side management (DSM) system addresses key economic and environmental challenges facing in the Korean natural gas sector considering; ${\bullet}$ high discrepancies of seasonal consumption volume and of load factor in unmatured domestic LNG market, ${\bullet}$ unfavorable and volatile international LNG market, imposing with the contestable "take-or-pay" contract terms, ${\bullet}$ low profile of LNG and existence of market barriers against an optimal fuel mix status in the industrial energy sector. A particular focus of this study is to establish an 'extended' DSM system in the unmatured gas market, especially in industry sector, that could play a key role to assure an optimum fuel mix scheme. Under the concept of 'extended' DSM, a system dynamics modeling approach has been introduced to explore the option to maximize economic benefits in terms of the national energy system optimization, entailing different ways of commitments accounting for different DSM measures and time delay scenarios. The study concludes that policy options exist that can reduce inefficiencies in gas industry and end-use system at no net costs to national economy. The most scenarios find that, by the year 2015, it is possible to develop a substantial potential of increased industrial gas end-uses under more reliable and stable load patterns. Assessment of sensitivity analysis suggests that time delay factor, in formulating DSM scenarios, plays a key role to overcome various market barriers in domestic LNG market and provides a strong justification for the policy portfolios 'just in time' (time accurateness), which eventually contribute to establish an optimum fuel mix strategy. The study indicates also the needs of advanced studies based on SD approach to articulate uncertainty in unmatured energy market analysis, including gas.

• Communications for Statistical Applications and Methods
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• 제14권2호
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• pp.459-479
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• 2007

Theories related to financial market has received big attention from the statistics community. However, not many courses on the topic are provided in statistics departments. Because the financial theories are entangled with many complicated mathematical and physical theories as well as ambiguously stated financial terminologies. Based on our experience on the topic, we try to explain the rather complicated terminologies and theories with easy-to-understand words. This paper will briefly cover the topics of basic terminologies of derivatives, Black-Scholes pricing idea, and related basic mathematical terminologies.

• 한국수학교육학회지시리즈B:순수및응용수학
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• 제21권4호
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• pp.307-316
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• 2014

We prove the existence of the risk-efficient options proposed by Xu [7]. The proof is given by both indirect and direct ways. Schied [6] showed the existence of the optimal solution of equation (2.1). The one is to use the Schied's result. The other one is to find the sequences converging to the risk-efficient option.

• 기술혁신연구
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• 제10권2호
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• pp.165-181
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• 2002

A variety of methods of patent valuation are written in this paper. The typical methods such as scoring method, income approach method, market approach method, DCF method, real option method, are introduced in this paper and each of them is criticized respectively. A new method, so called "GVP Method", is introduced and shows how much effective it is when patent valuation is required. And specially MPEG patent licensing method is introduced in this paper.his paper.

• Journal of applied mathematics & informatics
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• 제23권1_2호
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• pp.293-310
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• 2007

Recently a risk measure pricing and hedging is replacing a utility-based maximization problem in the literature. In this paper, we treat the optimal problem of risk measure pricing and hedging in the friction market, i.e. in the presence of transaction costs. The risk measure pricing is also verified with the contexts in the literature.

• 한국산학기술학회논문지
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• 제14권11호
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• pp.5465-5475
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• 2013

본 연구에서는 해외 부동산 투자 고려 시 의사결정을 위한 방법으로 실물옵션을 제시하였다. 이를 위해 투자 의사결정을 위한 방법인 기존 현금흐름할인법(DCF)과 실물옵션 기법 중 부동산 투자에 적합한 모형이라 할 수 있는 이항옵션모형을 사용하여 한국과 중국 시장의 부동산 투자 대안을 실증 비교하였다. 이를 위해 한국의 서울과 중국의 상하이 부동산 시장을 대상으로 2001년 ~ 2009년의 데이터를 추출하여 분석하였다. 투자기간 동안의 순현재가치법(NPV:Net Present Value)를 산출한 결과 서울은 435.44로 나타났으며, 상하이는 398.26으로 나타나 순현재가치법에 의한 투자결정 대안으로는 서울에 투자하게 됨을 알 수 있었다. 하지만 실물옵션을 사용하여 옵션의 가치를 산출한 결과 서울은 615.4, 상하이가 628.7로 나타나 상하이가 투자에 적합한 것으로 나타났다. 실제 이에 근거해서 투자했을 경우의 결과를 비교해보면, 서울은 2010년 이후 2013년 현재까지 부동산 가격이 하락하였기 때문에 손해를 보았을 것이며, 상하이는 이전에 비해 상승폭은 줄어들었으나 부동산 가격은 상승했기 때문에 수익을 올릴 수 있었을 것이다. 이로써 기존 현금흐름할인법에 의해 부동산 투자 의사결정을 내리는 것보다 실물옵션을 사용하여 투자 의사결정을 내리는 것이 적합하다는 것을 알 수 있었다.

• 기술혁신연구
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• 제13권1호
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• pp.73-89
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• 2005

As a scientific educational facility, the role of science museum has been enlarged. However there are few study to evaluate the public value of science museum. This paper applies a conjoint analysis to measuring the public value of science museum. At first, this paper chose the attributes of science museum and derived the marginal willingness to pay, As a result, the choice works for selecting a preferred option among three alternatives were within respondents' ability and the derived marginal willingness-to-pay estimates were statistically different from zero. This paper contributes to complementing the existing valuation methods by estimating the attributes of science museum and providing policy-makers with useful methodological framework and quantitative information in the decision-making process related to the policy of cultural facilities.

• 경영과학
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• 제30권1호
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• pp.167-181
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• 2013

We investigate the dynamic asset allocation problem under inflation risk when the wealth of an investor is constrained with minimum requirements. To capture the investor's risk preference, the CRRA utility function is considered and he maximizes his expected utility at predetermined date of the refund by participation in the financial market. The financial market is supposed to consist of three kinds of financial instruments which are a risk free asset, a risky asset, and an index bond. The role of an index bond is managing inflation risk represented by price process. The optimal wealth and the optimal asset allocation are derived explicitly by using the method to get the European call option pricing formula. From the numerical results, it is confirmed that the investments on index bond is high when the investor's wealth level is low. However, as his wealth increases, the investments on index bond decreases and he invests on risky asset more. Furthermore, the minimum wealth constraint induces lower investment on risky asset but the effect of the constraints is reduced as the wealth level increases.

• 한국정보디스플레이학회:학술대회논문집
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• 한국정보디스플레이학회 2009년도 9th International Meeting on Information Display
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• pp.1125-1128
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• 2009

Conversion of light energy to electrical energy by using a solar cell has long been considered as one of the option for an electrical energy supply in the future. In the past, commercial use was restricted largely to remote area applications where conventional electricity is expensive. Recently, the major application of the solar cells changed to become generation of residential electricity in urban areas where the electricity is already supplied by the conventional grid. This paper covers the current market and technology status of the solar cells and future prospect of their terrestrial applications. Reviewing market trend, this paper discusses high efficiency approach in silicon solar cells, low cost approach in silicon solar cells and finally covers future prospects of silicon solar cells.

• 대한산업공학회지
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• 제40권2호
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• pp.205-214
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• 2014

As a result of the rapid economic growth and birth control policy, China is experiencing low fertility rates and increasing life expectancy, which makes Chinese population aging very quickly and unprepared for their retired life. The reverse mortgage may be an attractive option for the elderly because it is a loan against a house that they do not have to pay back as long as they live there. In this paper, in order to introduce the reverse mortgage scheme in China the factors that could influence the demand of reverse mortgage are reviewed and the Chinese market environment is analyzed. Then the principal component analysis is performed in order to recommend the regions or cities that have higher potential for successful implementation of a reverse mortgage than any other ones in China.